QCOM QCOM · perps

QCOM's perpetual-futures positioning shows modest deleveraging alongside an unusual liquidation bias. Open interest stands at $6.9M, down 2.4% over the past day and 7.6% across the week, indicating traders are actively closing positions rather than adding leverage. The aggregated funding rate is 2.43%, placing it at the 76th percentile of the past 90 days—meaning current long crowding is elevated relative to recent history, though not extreme in absolute terms. This suggests longs remain incentivized to exit or reduce size.

The liquidation imbalance of -1.00 over 24 hours signals that all liquidations favored shorts, an unusually decisive directional skew. Combined with the week-long deleveraging trend, this points to long-positioned traders taking losses and closing trades. The leverage risk score of 13 is very low, indicating the market structure itself carries minimal fragility despite the liquidation pattern. Overall, QCOM's derivatives market appears to be shedding crowded long exposure in a controlled manner rather than facing acute forced unwinding.